BANK OF AMERICA MERRILL LYNCH GLOBAL … OF AMERICA MERRILL LYNCH GLOBAL METALS, MINING & STEEL CONFERENCE May 2017 AGNICO EAGLE | BOFAML GLOBAL METALS, MINING & STEEL CONFERENCE 2017

BANK OF AMERICA MERRILL LYNCH GLOBAL METALS, MINING

& STEEL CONFERENCE May 2017

AGNICO EAGLE | BOFAML GLOBAL METALS, MINING & STEEL CONFERENCE 2017 | 2

Forward Looking Statements

The information in this presentation has been prepared as at May 11, 2017. Certain statements contained in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under the provisions of Canadian provincial securities laws and are referred to herein as “forward-looking statements”. When used in this presentation, the words “anticipate”, “could”, “estimate”, “expect”, “forecast”, “future”, “plan”, “potential”, “will” and similar expressions are intended to identify forward-looking statements. Such statements include, without limitation: the Company's forward-looking production guidance, including estimated ore grades, project timelines, drilling results, metal production, life of mine estimates, total cash costs per ounce, all-in sustaining costs per ounce, other expenses and cash flows; the estimated timing and conclusions of technical reports and other studies; the methods by which ore will be extracted or processed; statements concerning the Company’s plans to build operations at Meliadine, Amaruq and LaRonde Zone 5, including the timing and funding thereof; statements concerning other expansion projects, recovery rates, mill throughput, optimization and projected exploration expenditures, including costs and other estimates upon which such projections are based; statements regarding timing and amounts of capital expenditures and other assumptions; estimates of future mineral reserves, mineral resources, mineral production, optimization efforts and sales; estimates of mine life; estimates of future capital expenditures and other cash needs, and expectations as to the funding thereof; statements as to the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of mineral reserves and mineral resources; statements regarding the Company’s ability to obtain the necessary permits and authorizations in connection with its exploration, development and mining operations and the anticipated timing thereof; statements regarding anticipated future exploration; and the anticipated timing of events with respect to the Company’s mine sites and statements regarding the sufficiency of the Company’s cash resources and other statements regarding anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company’s views as at the date of this presentation and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management's discussion and analysis (“MD&A”) and the Company's Annual Information Form (“AIF”) for the year ended December 31, 2016 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2016 (“Form 40-F”) filed with the U.S. Securities and Exchange Commission (the "SEC") as well as: that there are no significant disruptions affecting operations; that production, permitting, development and expansion at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the relevant metal prices, foreign exchange rates and prices for key mining and construction supplies will be consistent with Agnico Eagle's expectations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that the Company's current plans to optimize production are successful; and that there are no material variations in the current tax and regulatory environment. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks; community protests; risks associated with foreign operations; the unfavorable outcome of litigation involving the Canadian Malartic General Partnership (the "Partnership"); governmental and environmental regulation; the volatility of the Company’s stock price; and risks associated with the Company’s currency, fuel and by-product metal derivative strategies. For a more detailed discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this presentation, see the AIF and MD&A filed on SEDAR at www.sedar.com and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company’s other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.


Notes to Investors Note Regarding the Use of Non-GAAP Financial Measures

This presentation discloses certain measures, including “total cash costs per ounce”, “all-in sustaining costs per ounce” and “net debt” that are not standardized measures under IFRS. These data may not be comparable to data reported by other issuers. For a reconciliation of these measures to the most directly comparable financial information reported in the consolidated financial statements prepared in accordance with IFRS and for an explanation of how management uses these measures, see “Non-GAAP Financial Performance Measures” in the MD&A filed on SEDAR at www.sedar.com and included in the Form 6-K filed on EDGAR at www.sec.gov, as well as the Company’s other filings with the Canadian securities regulators and the SEC.

The total cash costs per ounce of gold produced is reported on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (without deducting by-product metal revenues). Unless otherwise specified total cash costs per ounce of gold produced is reported on a by-product basis in this presentation. The total cash costs per ounce of gold produced on a by-product basis is calculated by adjusting production costs as recorded in the consolidated statements of income for by-product revenues, unsold concentrate inventory production costs, smelting, refining and marketing charges and other adjustments, and then dividing by the number of ounces of gold produced. The total cash costs per ounce of gold produced on a co-product basis is calculated in the same manner as the total cash costs per ounce of gold produced on a by-product basis except that no adjustment is made for by-product metal revenues. Accordingly, the calculation of total cash costs per ounce of gold produced on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals. The total cash costs per ounce of gold produced is intended to provide information about the cash-generating capabilities of the Company’s mining operations. Management also uses these measures to monitor the performance of the Company’s mining operations. As market prices for gold are quoted on a per ounce basis, using the total cash costs per ounce of gold produced on a by-product basis measure allows management to assess a mine’s cash-generating capabilities at various gold prices.

All-in sustaining costs per ounce is used to show the full cost of gold production from current operations. The Company calculates all-in sustaining costs per ounce of gold produced on a by-product basis as the aggregate of total cash costs per ounce on a by-product basis, sustaining capital expenditures (including capitalized exploration), general and administrative expenses (including stock options) and reclamation expenses, and then dividing by the number of ounces of gold produced. The all-in sustaining costs per ounce of gold produced on a co-product basis is calculated in the same manner as the all-in sustaining costs per ounce of gold produced on a by-product basis, except that the total cash costs per ounce on a co-product basis are used, meaning no adjustment is made for by-product metal revenues. Management is aware that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of total cash costs per ounce of gold produced on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using these measures in conjunction with other data prepared in accordance with IFRS.

Net debt is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt as recorded on the consolidated balance sheet for deferred financing costs, cash and cash equivalents and short-term investments. Management uses net debt to determine the overall debt position and to evaluate future debt capacity of the Company. Management also performs sensitivity analyses in order to quantify the effects of fluctuating exchange rates and metal prices.

Note Regarding Production Guidance

The gold production guidance is based on the Company’s mineral reserves but includes contingencies and assumes metal prices and foreign exchange rates that are different from those used in the mineral reserve estimates. These factors and others mean that the gold production guidance presented in this presentation does not reconcile exactly with the production models used to support these mineral reserves.

Currency

All amounts in this presentation are expressed in U.S. dollars except as otherwise noted.


Our Competitive Position: Growing Production Base, High Quality Long Life Assets and Proven Value Creating Strategy Operations performing well, exceeding targets and generating significant cash flow

Mineral reserves are growing and the Company is currently mining below the average reserve grade

Solid near-term growth profile 2.0 million ounces per year in 2020 All growth from assets we currently own in areas we currently operate in Growth expected to be funded by cash on hand and operating cash flow

Low political risk and execution risk

Longer-term project pipeline provides additional opportunities to add value

Broad range of technical skills and experience to deliver on plan

Agnico Eagle – A Growing High Quality Gold Mining Business


Continued strong operating performance: – 2016 payable gold production of 1.7Moz compared to guidance of 1.6Moz, 3.9% above guidance – Production costs of $621/oz and total cash costs of $573/oz, 4.5% below guidance of $600/oz – All-in sustaining costs (AISC) for 2016 were $824/oz, 4.2% below guidance of $860/oz

Amaruq and Meliadine approved for development; both expected to start up in third quarter of 2019 – Production at Meliadine is now forecast to begin approximately one year earlier than previously anticipated

New four year guidance; gold production expected to increase from current levels to 2.0Moz in 2020 – Forecast for 2017 and 2018 are unchanged from previous guidance of ~1.55Moz and ~1.5Moz, respectively – Production in 2019 is forecast to be ~1.6Moz, while production in 2020 is expected to be ~2.0Moz – Agnico is evaluating opportunities to further increase production in 2018 and beyond

Cost guidance for 2017 essentially unchanged from prior year’s guidance: – 2017 guidance for total cash costs is between $595/oz and $625/oz – 2017 AISC guidance between $850/oz and $900/oz – Total cash costs and AISC are expected to decline as production grows through 2020

Improved financial flexibility: – In 2016, net debt was reduced by $346M, further strengthening the Company’s investment grade balance sheet

2016 Operating and Financial Highlights


2016 gold in mineral reserves increased by 5.0% to 19.9Moz – Measured and indicated mineral resources increased by 9% YoY to

16.4Moz – Inferred mineral resources decreased by 4% to 15.9Moz gold – as

converted to higher confidence categories

Initial inferred mineral resources declared at Odyssey and Barsele – Odyssey property (50% owned), inferred mineral resources are ~0.7Moz – Barsele project in Sweden (55% owned), inferred mineral resources are

estimated to be 0.7Moz – Deposits have bulk tonnage and underground potential, similar to Goldex

Drilling on the western portion of LaRonde 3 (area below 3.1 kilometre depth) has encountered higher-grade mineralization

– Recent intersections include 28.1 g/t gold over 9.3m and 13.8 g/t gold over 8.1m

– These new high-grade intersections are now interpreted as being a distinct lens of massive sulphide mineralization from the main LaRonde 3 horizon

– Additional drilling is planned for 2017

Studies are ongoing to evaluate the potential to mine below the currently planned 3.1 kilometres at LaRonde

– In 2016, the first mineral reserves were declared in the eastern portion of LaRonde 3

– Additional inferred mineral resources declared in the western portion of LaRonde 3

2016 Exploration and Reserve and Resource Highlights


16% 10% 9% 7% 6% 4% 3% 1%

-1%

6%

-5% -5%

-3%

-7% -5% -5%

-8% -10%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Agnico Eagle Eldorado Goldcorp IndustryAverage

IAMGOLD Barrick Newmont Yamana Kinross

Compound Annual Growth Rate (2006 – 2016)

NAVPS Share PriceSource: Scotiabank Global Banking and Markets, Bloomberg

Long Term Focus on per Share Value Creation Agnico Eagle’s Strategy Delivers Superior NAV Growth per Share


Strong production and cost performance continues – Payable gold production in Q1 2017 was 418,216 ounces of gold at total cash costs per ounce of $539 and all-in sustaining costs per ounce (“AISC”) of $741

Financial Results well ahead of consensus – Earnings per share were $0.33 and operating cash flow per share of $0.98

Full year production guidance increased – Production now expected to exceed 1.57 Moz compared to previous guidance of 1.55 Moz. The increase reflects the extension of the mine life at Lapa to the end of Q2 2017. Total cash costs are unchanged at $595 to $625 per ounce. Production and cost guidance will be reviewed on an ongoing basis through 2017

Canadian Malartic Extension project receives Government of Quebec approval – Production activities at the project are currently forecast to begin in late 2019, subject to obtaining ancillary certificates of authorization and the progress of the road deviation

Goldex Deep 1 Project production expected to come in ahead of schedule and under budget – At the end of Q1 2017 construction was 75% complete, while mine infrastructure development was 100% complete. Deep 1 is now expected to start ramping up production in Q3 2017, approximately one quarter ahead of schedule.

Meliadine project on schedule and budget – Underground development is 5% above plan and engineering was 67% complete at the end of March 2017. Construction activities are progressing well with the concrete batch plant being commissioned and pile installation restarted in March. Full camp facilities are expected to be completed in May ahead of the barge season

A quarterly dividend of $0.10 per share was declared

First Quarter Highlights


Operating Results Strong Start to 2017

Q1 2017 Production

(Gold oz) Total Cash Costs

($/oz) Operating Margin

($000’s)

Northern Business

LaRonde 78,912 $464 $70,702 Lapa 15,360 $854 $6,205 Goldex 32,671* $532 $20,854 Canadian Malartic (50%) 71,382 $556 $51,586 Kittila 51,621 $668 $29,841 Meadowbank 85,370 $590 $57,473

335,316 $572 $236,661

Southern Business

Pinos Altos 45,360 $358 $42,033 Creston Mascota 11,244 $525 $8,057 La India 26,296 $438 $20,369 82,900 $406 $70,459 Total 418,216 $539 $307,120

Q1 2017 Total Operating Margin – $307.1M Q1 2017 Revenue by Metal

LaRonde, 23%

Meadowbank, 19%

Canadian Malartic, 17%

Pinos Altos, 14%

Kittila, 10%

Goldex, 7%

La India, 6% Lapa, 2%

Creston Mascota 2%

Gold 95%

Silver 4%

Base Metals 1%

*Includes 2,395 ounces of pre-commercial gold production


Solid Track Record of Meeting Expectations Guidance Exceeded for Five Consecutive Years

1,025 1,060

1,400

1,650

1,600

1,044

1,099

1,429

1,671 1,663

$660

$690

$663

$600 $600

$640

$672

$637

$567 $573

$500

$550

$600

$650

$700

$750

$800

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

2012 2013 2014 2015 2016

Tota

l Cas

h C

osts

per

Oun

ce

Gol

d O

unce

s (in

Tho

usan

ds)

Production Guidance Production Actual Cost Guidance Cost Actual


2.31

1.44 1.33

1.09 1.08 1.05

0.71 0.62

AE

M

IAG

AB

X

NE

M

AV

ER

AG

E

GG

KG

C

AU

Y

Mineral Reserve Grade (g/t)

Mined below reserve grade in 2016 1.88 g/t gold, compared to reserve grade of 2.37 g/t gold

Large Majority of current mineral reserves mineable at total cash costs below $900/oz 2016 Mineral reserves increased by ~5% to 19.9Moz of gold Measured and indicated mineral resources increased ~9% to 16.4Moz of gold Inferred mineral resources decreased ~4% to 15.9Moz of gold

The decrease was primarily due to conversion to higher categories Reserve sensitivity to gold price:

$100/oz change in the gold price assumption results in ~5% change in mineral reserves

Highest Grade Reserves Amongst Peers Successfully replaced mineral reserves and mineral resources in 2016 with grades basically unchanged

Detailed information on mineral reserves and mineral resources can be found in the February 15, 2017 news release


Successful M&A and Exploration Strategy Significant Value Added, Key Deposits Still Open and Positioned to Deliver More Value


Kittila

2005 2016

Mined through 2016 (koz) Proven & Probable (koz) Measured & Indicated (koz) Inferred (koz) Cost per Oz ($)

$54

$19

Purchase Discovery

2,800 koz

9,271 koz

+231%

Meadowbank (Including Amaruq)

2007 2016

$173

$26

Purchase Discovery

3,830 koz

7,952 koz

+108%

Meliadine

2010 2016

$121

$27

Purchase Discovery

5,020 koz

10,276 koz

+105%

Pinos Altos

2006 2016

$43 $39

Purchase Discovery

2,100 koz

4,598 koz

+119%

La India

2011 2016

$186

$16

Purchase Discovery

1,266 koz

3,506 koz

+177%


1,570 1,500

1,600

2,000

-

500

1,000

1,500

2,000

2,500

2017 2018 2019 2020 2021

Gol

d O

unce

s (in

Tho

usan

ds)

Amaruq Underground Goldex Opportunities

Kittila Shaft LaRonde 3 Odyssey

2017 Total Cash Costs: $609

AISC: $875

Project Pipeline Expected to Drive Next Phase of Production Growth Potential to Produce Approximately 2.0 Million Ounces of Gold in 2020


Average annual production of ~1.57 Mozs gold in 2017 through 2019 with a stable, to lower, cost profile

2019 production forecast could potentially increase depending on timing of Amaruq permits and progress of development at the Nunavut projects. Production in 2020 is forecast to be ~2.0 million ounces of gold

In 2020, the Company expects to have four low risk, manageable cornerstone production assets (the LaRonde Complex, Canadian Malartic, Meliadine and Meadowbank/Amaruq) each with annual production of ~250,000 to 400,000 ounces of gold. All of these operations have the potential to improve on current production forecasts

Following a brief two-year period of increased development capital (largely due to the one-year advancement of Meliadine), the Company is forecasting a return to free cash generation in 2019

Funding for Amaruq and Meliadine is expected to come from existing cash balances and internally generated cash

Updated Guidance - Production Forecast to Increase to ~2.0 Mozs in 2020


Strong Financial Position Funds Next Phase of Growth

Debt Maturities

Manageable debt repayment schedule with net debt of $465 million

As at March 31, 2017, the Company had strong liquidity with $804 million in cash and $1.2 billion in undrawn credit lines

Low share count of 229 million fully diluted after 60 years of operating history

Strong Available Liquidity - $2.0B*

*As at March 31, 2017, excluding accordion

$804M

$1,200M

Cash and cash equivalents Undrawn credit facilities


Agnico Eagle in Nunavut Large and Expanding Land Position Totalling 438,335 Ha Covering 3 Major Geological Belts

Major Assets:

Meadowbank 2007 Acquired Cumberland Resources Ltd. In Production Since 2010

Amaruq 2013 Exploration Discovery Satellite Deposit to Meadowbank– Approved for Development

Meliadine 2010 Acquired Comaplex Mineral Corp. Approved for Development

Detailed information on mineral reserves and mineral resources can be found in the February 15, 2017 press release


Meliadine and Amaruq Projects Update First production forecast to commence at both projects in Q3 2019

Amaruq – Permits Expected Mid-2018 Production of ~ 2.0Moz of gold over a 6 year

mine life (less than 50% of the current mineral resource)

Average annual gold production of ~369,000 oz in years 2 through 6 at an average total cash costs of ~$770/oz, and an average AISC of ~$850/oz

Initial capital costs estimated to be ~$330M, sustaining capital costs estimated to be ~$25M per year

Opportunities include potential to accelerate the construction schedule, expand known deposits through drilling and develop an underground operation

Meliadine – Fully Permitted Production of ~5.3Moz of gold over a 14 year

mine life (approximately 50% of the current mineral resource)

Average annual gold production of ~400,000 oz in years 2 through 14 at an average total cash costs of ~$590/oz, and an average AISC of ~$720/oz

Initial capital costs estimated to be ~$900M, sustaining capital costs estimated to be ~$48M per year

Engineering 67% completed, 30% of stopes already delineated

Exploration drilling on 80km geological belt



Amaruq Project – Local Geology Map Conversion Drilling Confirms High Gold Grades in the V Zone


Amaruq Project Q1 2017 Drilling Focused on Infilling and Extending Known Mineralized Zones

See AEM February 15, 2017 press release and appendix for detailed breakdown of mineral reserves and mineral resources

Mineral Reserve & Mineral Resource Data (as at December 31, 2016)

Tonnage (000’s tonnes)

Au Grade (g/t)

Au (000’s oz)

Indicated mineral resources Open pit 16,925 3.88 2,109 Total indicated mineral resources 16,925 3.88 2,109

Inferred mineral resources Open pit 4,931 4.81 763 Underground 6,814 6.22 1,362 Total inferred mineral resources 11,745 5.63 2,125


Meliadine Project Current Production Forecast Mines Only 50% of the Mineral Reserves and Mineral Resources

Opportunities to add value include optimization of the current mine plan and exploration upside through mineral resource conversion and expansion of known ore zones (most zones are open below a vertical depth of 450 metres)

Mineral Reserve & Mineral Resource Data (as at December 31, 2016)

Tonnage (000’s tonnes)

Au Grade (g/t)

Au (000’s oz)

P & P Reserves 14,529 7.32 3,417 Indicated mineral resources 20,778 4.95 3,306 Inferred mineral resources 14,710 7.51 3,552



Meliadine Exploration Potential Exploration Will Restart in 2017 to Evaluate Regional Targets on the 80km Property Package

Proven & probable gold reserves

Indicated gold resources

Indicated gold resources


AEM US Equity XAU Index Gold Spot

AEM US Equity CAGR

14.62% Gold Spot CAGR

8.33% XAU Index CAGR

1.61%

Superior Share Performance Since 1998 Agnico Eagle has Consistently Outperformed Gold and Gold Equities

Source: Bloomberg – August 3, 1998 to April 30, 2017

10%

100%

1000%

10000%

APPENDIX


Diversified Operations Robust production in premier mining jurisdictions in North America and Europe

Kittila, Finland Producing (100%) Northern Business Production (Koz) 202.5 P&P (Moz) 4.5 M&I (Moz) 1.9

Meliadine, Canada Development (100%) Northern Business Production (Koz) - P&P (Moz) 3.4 M&I (Moz) 3.3

Meadowbank and Amaruq, Canada Producing and Development (100%) Northern Business Production (Koz) 312.2 P&P (Moz) 0.7 M&I (Moz) 2.3 LaRonde, Canada

Producing (100%) Northern Business Production (Koz) 305.8 P&P (Moz)1 3.5 M&I (Moz) 1.3

Lapa, Canada Producing (100%) Northern Business Production (Koz) 73.9 P&P (Moz) 0.0 M&I (Moz) 0.1

Goldex, Canada Producing (100%) Northern Business Production (Koz) 120.7 P&P (Moz) 0.8 M&I (Moz) 1.8

Canadian Malartic, Canada

Producing (50%) Northern Business Production (Koz) 292.5 P&P (Moz) 3.5 M&I (Moz) 0.6

La India, Mexico Producing (100%) Southern Business Production (Koz) 115.2 P&P (Moz) 1.0 M&I (Moz) 0.9

Pinos Altos, Mexico Producing (100%) Southern Business Production (Koz) 192.8 P&P (Moz) 1.4 M&I (Moz) 0.7 Creston Mascota, Mexico

Producing (100%) Southern Business Production (Koz) 47.3 P&P (Moz) 0.1 M&I (Moz) 0.1

Finland

Source: Company filings. Note: Production and Mineral Reserves and Mineral Resources as of December 31, 2016. 1. LaRonde mineral reserves and mineral resources are inclusive of LaRonde Zone 5. 2. Totals are indicative of total producing, developing, and exploration assets.

Total2

Production (Koz) 1,663 P&P (Moz) 19.9 M&I (Moz) 16.4

Producing Mine Development Project


Canada (AAA / Aaa)67%

Finland (AA+ / Aaa)12%

Mexico (A / A3)21%

Canada (AAA / Aaa)63%

Finland (AA+ / Aaa)13%

Mexico (A / A3)24%

Low Political Risk Operating in Mining Friendly Jurisdictions

17% 24%

31% 33% 41% 41% 44%

51% 59%

86%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

AEM NEM ABX GG AUY NGD KGC IMG EGO CG

Fras

er In

stitu

te C

ompa

ny S

core

Source: Bloomberg, Fraser Institute and Company filings. 1. Main Asset is classified as a producing or advanced development mine.

Production by Country

Main Assets1 P&P Mineral Reserves by Country

Agnico’s assets are based out of premier mining jurisdictions with 100% of production in investment grade rated countries


Estimated Payable Gold Production (2017 – 2019) 2017 2018 2019

Estimated (oz) Total Cash Costs ($/oz) Estimated (oz) Estimated (oz)

Northern Business LaRonde 315,000 $510 360,000 365,000

LaRonde Zone 5 - - 20,000 35,000 Canadian Malartic (50%) 300,000 $578 325,000 320,000 Lapa 30,000 $1002 - - Goldex 105,000 $667 115,000 120,000 Kittila 190,000 $728 200,000 210,000 Meadowbank 320,000 $683 165,000 -

Amaruq satellite deposit - - - 135,000 Meliadine - - - 125,000

1,260,000 $623 1,185,000 1,310,000 Southern Business Pinos Altos 170,000 $474 175,000 175,000 Creston Mascota 40,000 $812 30,000 5,000 La India 100,000 $583 110,000 110,000

310,000 $553 315,000 290,000 Total Gold Production 1,570,000 $609 1,500,000 1,600,000

Estimated Byproduct Production – 2017

Ag Production Zn Production

(tonnes) Cu Production

(tonnes) 000’s oz Northern Business LaRonde 1,072 7,268 4,482 Canadian Malartic (50%) 324 - - Meadowbank 229 - - Northern Total 1,625 7,268 4,482 Southern Business Pinos Altos 2,667 - - Creston Mascota 102 - - La India 39 - - Southern Total 2,808 - - Total 4,433 7,268 4,482

NORTHERN BUSINESS


PRODUCTION Q1 2017 PRODUCTION AND COSTS HIGHLIGHTS

LaRonde 78,912 ozs

at a production cost of $562/oz and total cash costs of $464/oz

In 2016, the first mineral reserves were declared in the eastern portion of LaRonde 3 and additional inferred mineral resources were declared in the western portion of LaRonde 3. Further drilling is being carried out to assess the vertical extent of the mineralization

Studies are also continuing to assess the potential to extend the mineral reserve base and carry out phased mining activities between a depth of 3.1 km and 3.7 km

At LaRonde Zone 5, the certificate of authorization for surface construction was received and mobilization is currently underway. Permits are expected to be received by mid-2018 with underground mining expected to commence shortly thereafter

Canadian Malartic mine (50%)

71,382 ozs at a production cost of $455/oz and total cash costs of $556/oz

On April 19, 2017, the Government of Quebec announced approval of the proposed expansion of the Canadian Malartic mine (the Barnat deposit) and the diversion of Highway 117. Preparatory work will begin after obtaining the certificates of authorization to be issued by the Ministry of Sustainable Development, Environment and Climate Change. The Company’s most recent production guidance assumes a modest contribution from the Barnat deposit in late 2019

In Q1 2017, 34 holes (totaling 22,676 metres) were drilled at Odyssey with a primary focus on further defining the internal mineralized zones between the Odyssey North and South Zones and expanding the mineral resources in Odyssey South

Goldex 32,671 ozs

at a production cost of $516/oz And total cash costs of $532/oz

Deep 1 construction is 75% complete, while mine infrastructure development is 100% complete. Deep 1 is expected to start ramping up production in Q3 2017, approximately one quarter ahead of schedule. Production guidance at Goldex is unchanged at this time

Studies are underway to evaluate the potential to mine a portion of the Deep 2 Zone, which starts below the Deep 1 Zone at 1,200 metres below surface

Drilling is underway on the South Zone, which has higher grades and is accessible from the Deep 1 Zone infrastructure. The Company is evaluating the potential for the South Zone to provide incremental ore feed to the Goldex mill

Public hearings have been completed at Akasaba West and permitting activities are expected to continue through 2017. First production from Akasaba West is expected in 2019 after permitting

Lapa 15,360 ozs


During Q1 2017, the Zone Deep East and Zone 7 Deep areas were approved for mining

Under the current mine plan, Lapa is expected to operate until the end of Q2 2017; total gold production for 2017 is now forecast to be 30,000 ounces, up from the previous guidance of 15,000 ounces

Abitibi Region


LaRonde Mine Composite Longitudinal Section Drilling on Western Portion of LaRonde 3 has Encountered Higher Grade Gold Mineralization

Recent intersections include 28.1 g/t gold over 9.3 metres and 13.8 g/t gold over 8.1 metres In 2016, the first mineral reserves were declared in the eastern portion of LaRonde 3, and additional

inferred mineral resources were declared in the western portion of LaRonde 3 Studies are ongoing to evaluate the potential to mine below the currently planned 3.1 kilometres at

LaRonde


LaRonde Zone 5 Project Approved for Development; Permits Expected by Mid-2018

3.4 3.6

LaRonde Zone 5 (formerly known as Bousquet Zone 5) has been approved for development (subject to permitting approval)

LaRonde Zone 5 contains mineral reserves of 423,000 ounces (6.3 million tonnes grading 2.10 g/t gold). Indicated mineral resources were 712,000 ounces (8.9 million tonnes grading 2.49 g/t gold) and inferred mineral resources were 488,000 ounces (2.9 million tonnes grading 5.28 g/t gold)

Average annual production is expected to be ~45,000 ounces per year through 2026. The life of mine average total cash costs per ounce are expected to be ~$784. The life of mine average AISC is expected to be ~$850

The total capital cost (including sustaining capital) is ~$80 million



Canadian Malartic Initial Inferred Mineral Resource Declared at Odyssey

The mineral resource does not include drill results from internal zones between the North and South zones

Drilling suggests that these internal zones could potentially increase mineral resources

Recent drilling on the internal zones returned intersections including: 3.10 g/t gold over 91.5 metres, 4.24 g/t gold over 12.5 metres, and 3.23 g/t gold over 10.5 metres

At December 31, 2016, initial inferred mineral resources (on a 50% basis) were estimated at 700,000 ounces (10.35 million tonnes grading 2.15 g/t gold).



Goldex Deep 1 Mine Life Extended from 2018 to 2024

Deep 1 mining area includes lower part of the Dx zone and top of the D zone

Estimated annual production >100,000 ounces at an average total cash cost of ~$620 per ounce

Advancement of Deep 1 has potential to unlock other value creating opportunities: Potential to increase mill throughput Potential for additional mineral resource

conversion in Deep 1 Potential for mining at Deep 2 (below Level

120) Potential to develop the Akasaba West

deposit


EXPLORATION AND DEVELOPMENT HIGHLIGHTS

Barsele Project Sweden

Agnico Eagle holds a 55% interest in the project with an option to go to 70%. The property contains intrusive- hosted gold mineralization (similar to Goldex) and gold-rich volcanogenic massive sulphide mineralization (similar to LaRonde)

In 2016, Agnico Eagle completed an initial mineral resource estimate for the Barsele project that outlined total inferred mineral resources (on a 100% basis) of 1.2 million ounces (21.7 million tonnes grading 1.72 g/t gold)

Nunavut


Kittila 51,621 ozs


In 2017, approximately $7.9 million will be spent on further deep drilling at Kittla (which includes the Sisar Zone). The goal of this program is to expand the mineral resources in the northern part of the property and demonstrate the economic potential of the Sisar Zone as a new mining horizon at Kittila

Recent intercepts from the Sisar Zone at approximately 1,000 metres below surface have filled in a gap in the Sisar mineral reserves

Studies are ongoing to evaluate the economics of increasing throughput rates at Kittila to 2.0 million tonnes per annum. The Company expects that this increased mining rate scenario could be supported by the development of the Rimpi and Sisar Zones

Finland and Sweden


Meadowbank 85,370 ozs


Studies are ongoing to reduce the expected production gap between the end of the mine life at Meadowbank and the start of operations at Amaruq in 2019 (pending receipt of the required permits)

Agnico Eagle is working closely with Nunavut permitting authorities on the Amaruq Phase I joint permitting process. Final public hearings are expected to occur in September 2017. Permitting remains on schedule and permits are expected by Q3 2018

At the end of Q1 2017, 39 km of the exploration road to Amaruq had been completed; the 64-km road is expected to be finished by Q4 2017

Recent drilling shows potential to increase the depth of the western part of the Whale Tail pit, and expand it farther to the west. An infill drill program on the V Zone has confirmed high gold grades in multiple lenses. Drilling to test regional exploration targets is expected to begin in Q2 2017



Kittila – Composite Longitudinal Section Infill Drilling Improves Continuity and Understanding of Sisar Top Zone

SOUTHERN BUSINESS



Pinos Altos 45,360 ozs


During Q1 2017, the first cell of the Phase III heap leach pad was completed and ore stacking commenced at the end of March 2017. Work on the second cell is expected to be completed during Q2 2017

Construction of a silver flotation circuit is progressing on schedule for an expected start-up in Q3 2017. The circuit will be used to recover additional silver before the tailings are sent for impoundment

Creston Mascota

11,244 ozs at a production cost of $621/oz and total cash costs of $525/oz

Exploration drilling in Q1 2017 was mainly at the Bravo Zone, immediately adjacent to the Creston Mascota pit

Highlights from recent drilling at the Bravo Zone include hole BRV17-149 that yielded 7.0 g/t gold and 152 g/t silver over 4.6 metres and hole BRV17-140 that intersected 2.4 g/t gold and 61 g/t silver over 19.2 metres, including 7.6 g/t gold and 217 g/t silver over 3.4 metres

The results of the current drill program have the potential to increase the gold and silver grades of the Bravo Zone mineral resources at Creston Mascota and to extend its high-grade structure to the west and northwest

La India 26,296 ozs


In Q1 2017, infill drilling was carried out on the Main Zone to evaluate the potential to extend mineral reserves and mineral resources below the current pit design. Additional holes are planned for the second half of 2017

Drilling was also conducted at the nearby El Realito project during the quarter, with encouraging results. Additional exploration work is planned at El Realito. Drilling commenced on the Cerro de Oro and El Cochi areas late in Q1 2017. All three areas are being drilled to evaluate the potential to increase mineral reserves and mineral resources in close proximity to the existing mining areas

Given the increases in mineral reserves and mineral resources in 2016, and ongoing exploration that appears to show the potential for further increases, the Company is evaluating location options to construct additional heap leach pad capacity

Mexico Continued Low Operating Costs and Record Silver Production in Q4 2016

EXPLORATION AND DEVELOPMENT HIGHLIGHTS

El Barqueno

El Barqueno, contains indicated resources of 301,000 ounces of gold (8.5 million tonnes grading 1.11 g/t) and

inferred resources of 362,000 ounces of gold (7.2 million tonnes grading 1.56 g/t), including the initial inferred resource at the Olmeca zone, which was discovered last year

At Olmeca, high grade silver values have been found in the Mortero Vein (1,111 g/t silver over 16.4 metres). Gold values have generally been low in this part of the system and additional drilling is required at depth to test for a potentially higher grade gold zone



Creston Mascota

Exploration drilling in Q1 2017 was mainly at the Bravo Zone, immediately adjacent to the Creston Mascota pit

The results of the current drill program have the potential to increase the gold and silver grades of the Bravo Zone mineral resources at Creston Mascota and to extend its high-grade structure to the west and northwest

Further drilling is planned in 2017

Drilling at Bravo Could Potentially Extend Creston Mascota Mine Life


La India Exploration Potential Several Near-Mine Targets will be Evaluated in 2017

Main Zone

El Realito Los Tubos

El Cochi

North Zone

Cerro de Oro

In Q1 2017, drilling was carried out on the Main Zone, and the El Realito area. Drilling also began on the Cerro de Oro and El Cochi areas in March 2017. All these areas are being drilled to evaluate the potential to increase mineral reserves and mineral resources in close proximity to the existing mining areas


2017 Drill Program Focused on Expanding Known Zones and Testing Additional Target Areas 2016 infill drilling lead to

first indicated mineral resource at Azteca Zapoteca and Pena de Oro

Higher grades of 1,111 g/t silver over 16.4 metres, including 4,195 g/t silver over 3.4 metres intersected in the Montero Vein at Olmeca

In 2017, ~45,000 metres drilling is planned at El Barqueno, principally at the Socorro, Mortero, Carmen, Tierra Blanca, Cuauhtémoc, Peña de Oro, Peña Blanca, San Diego, El Rayo, El Camino and Cebollas prospects

El Barqueno Project

Indicated mineral resources are 0.3 Mozs of gold and 1.2 Mozs of silver (8.5 Mt grading 1.11 g/t gold and 4.35 g/t silver), while inferred mineral resources are 0.36 Mozs of gold and 1.0 Mozs of silver (7.2 Mt grading 1.56 g/t gold and 4.50 g/t silver)



December 31, 2016

GOLD OWNERSHIP 000 tonnes g/t 000 oz Au 000 tonnes g/t 000 oz Au 000 tonnes g/t 000 oz Au

LaRonde (underground) 100% 5,833 4.91 921 11,758 5.64 2,132 17,591 5.40 3,053 LaRonde Zone 5 (underground) 100% 2,836 2.12 194 3,429 2.08 230 6,265 2.10 423 Canadian Malartic (open pit) 50% 25,560 0.95 785 76,274 1.13 2,764 101,834 1.08 3,548 Goldex (underground) 100% 294 1.47 14 16,507 1.64 872 16,801 1.64 886 Akasaba West (open pit) 100% - - - 4,942 0.89 142 4,942 0.89 142 Lapa (underground) 100% 259 4.58 38 - - - 259 4.58 38 Meadowbank (open pit) 100% 1,704 1.75 96 6,515 2.94 615 8,219 2.69 711 Meliadine (open pit) 34 7.31 8 4,001 5.00 644 4,035 5.02 652 Meliadine (underground) - - - 10,494 8.20 2,766 10,494 8.20 2,766 Meliadine Total 100% 34 7.31 8 14,495 7.32 3,410 14,529 7.32 3,417 Upper Beaver (underground) 50% - - - 3,996 5.43 698 3,996 5.43 698 Kittila (underground) 100% 1,148 4.19 155 28,907 4.65 4,325 30,055 4.64 4,479 Pinos Altos (open pit) 180 0.85 5 2,525 2.07 168 2,705 1.99 173 Pinos Altos (underground) 3,331 2.79 299 11,364 2.61 953 14,696 2.65 1,251 Pinos Altos Total 100% 3,512 2.69 304 13,889 2.51 1,120 17,401 2.55 1,424 Creston Mascota (open pit) 100% 65 0.94 2 2,426 1.29 100 2,491 1.28 102 La India (open pit) 100% 213 0.61 4 43,756 0.72 1,016 43,969 0.72 1,020 Total 41,458 1.89 2,520 226,895 2.39 17,423 268,353 2.31 19,943

SILVER OWNERSHIP 000 tonnes g/t 000 oz Ag 000 tonnes g/t 000 oz Ag 000 tonnes g/t 000 oz Ag

LaRonde (underground) 100% 5,833 18.31 3,434 11,758 19.56 7,393 17,591 19.14 10,827 Pinos Altos (open pit) 180 67.77 393 2,525 59.81 4,856 2,705 60.34 5,249 Pinos Altos (underground) 3,331 75.26 8,061 11,364 67.92 24,817 14,696 69.59 32,878 Pinos Altos Total 100% 3,512 74.88 8,454 13,889 66.45 29,673 17,401 68.15 38,127 Creston Mascota (open pit) 100% 65 8.07 17 2,426 11.44 892 2,491 11.35 909 La India (open pit) 100% 213 14.67 100 43,756 2.57 3,615 43,969 2.63 3,716 Total - - 12,006 - - 41,573 - - 53,579

COPPER OWNERSHIP 000 tonnes % tonnes Cu 000 tonnes % tonnes Cu 000 tonnes % tonnes Cu

LaRonde (underground) 100% 5,833 0.24 13,736 11,758 0.24 28,589 17,591 0.24 42,325 Akasaba West (open pit) 100% - - - 4,942 0.50 24,851 4,942 0.50 24,851 Upper Beaver (underground) 50% - - - 3,996 0.25 9,990 Total - - 13,736 - - 63,430 - - 77,166

ZINC OWNERSHIP 000 tonnes % tonnes Zn 000 tonnes % tonnes Zn 000 tonnes % tonnes Zn

LaRonde (underground) 100% 5,833 0.41 23,706 11,758 1.10 128,864 17,591 0.87 152,569 Total - - 23,706 - - 128,864 - - 152,569

OPERATIONS MINERAL RESERVESPROVEN PROBABLE PROVEN & PROBABLE


December 31, 2016

GOLD OWNERSHIP 000 tonnes g/t 000 oz Au 000 tonnes g/t 000 oz Au 000 tonnes g/t 000 oz Au 000 tonnes g/t 000 oz Au

LaRonde (underground) 100% - - - 5,688 3.27 598 5,688 3.27 598 7,701 6.68 1,655 LaRonde Zone 5 (underground) 100% - - - 8,897 2.49 712 8,897 2.49 712 2,873 5.28 488 Ellison (underground) 100% - - - 653 3.25 68 653 3.25 68 2,346 3.41 257 Canadian Malartic (open pit) 50% 2,001 1.34 86 11,121 1.56 559 13,122 1.53 644 4,599 1.46 216 Odyssey (underground) 50% - - - - - - - - - 10,343 2.15 714 Goldex (underground) 100% 12,360 1.86 739 17,949 1.80 1,038 30,309 1.82 1,777 21,882 1.60 1,129 Akasaba West (open pit) 100% - - - 2,484 0.66 53 2,484 0.66 53 - - - Lapa (underground) 100% 85 5.29 14 693 4.09 91 778 4.22 105 652 7.55 158 Zulapa (open pit) 100% - - - - - - - - - 391 3.14 39 Swanson (open pit) 100% - - - 504 1.93 31 504 1.93 31 - - - Meadowbank (open pit) 100% 587 1.00 19 3,099 2.28 227 3,686 2.07 246 1,142 3.13 115 Amaruq (open pit) - - - 16,925 3.88 2,109 16,925 3.88 2,109 4,931 4.81 763 Amaruq (underground) - - - - - - - - - 6,814 6.22 1,362 Amaruq Total 100% - - - 16,925 3.88 2,109 16,925 3.88 2,109 11,745 5.63 2,125 Meliadine (open pit) - - - 7,867 4.24 1,072 7,867 4.24 1,072 1,054 5.35 181 Meliadine (underground) - - - 12,911 5.38 2,234 12,911 5.38 2,234 13,656 7.68 3,371 Meliadine Total 100% - - - 20,778 4.95 3,306 20,778 4.95 3,306 14,710 7.51 3,552 Hammond Reef (open pit) 50% 82,831 0.70 1,862 21,377 0.57 389 104,208 0.67 2,251 251 0.74 6 Upper Beaver (underground) 50% - - - 1,818 3.45 202 1,818 3.45 202 4,344 5.07 708 AK (underground) 50% - - - 634 6.51 133 634 6.51 133 1,187 5.32 203 Anoki/McBean (underground) 50% - - - 934 5.33 160 934 5.33 160 1,263 4.70 191 Kittila (open pit) - - - 229 3.41 25 229 3.41 25 373 3.89 47 Kittila (underground) 1,607 2.45 127 18,885 2.95 1,794 20,492 2.91 1,920 10,686 4.06 1,395 Kittila Total 100% 1,607 2.45 127 19,114 2.96 1,819 20,721 2.92 1,946 11,059 4.05 1,442 Kuotko, Finland (open pit) 100% - - - - - - - - - 396 2.88 37 Kylmäkangas, Finland (underground) 100% - - - - - - - - - 1,896 4.11 250 Barsele, Sweden (open pit) 4,057 1.02 133 Barsele, Sweden (underground) 7,887 2.08 528 Barsele Total 55% 11,944 1.72 661 Pinos Altos (open pit) - - - 236 1.07 8 236 1.07 8 5,984 0.61 117 Pinos Altos (underground) - - - 13,751 1.63 721 13,751 1.63 721 3,241 2.52 262 Pinos Altos Total 100% - - - 13,988 1.62 730 13,988 1.62 730 9,225 1.28 380 Creston Mascota (open pit) 100% - - - 4,292 1.01 139 4,292 1.01 139 1,332 0.72 31 La India (open pit) 100% 11,127 0.24 85 63,081 0.39 783 74,208 0.36 869 92,631 0.38 1,132 El Barqueno (open pit) 100% - - - 8,469 1.11 301 8,469 1.11 301 7,210 1.56 362 Total 110,598 0.82 2,933 222,497 1.88 13,446 333,095 1.53 16,378 221,119 2.23 15,850

SILVER OWNERSHIP 000 tonnes g/t 000 oz Ag 000 tonnes g/t 000 oz Ag 000 tonnes g/t 000 oz Ag 000 tonnes g/t 000 oz Ag

LaRonde (underground) 100% - - - 5,688 20.51 3,751 5,688 20.51 3,751 7,701 14.48 3,584 Kylmäkangas, Finland (underground) 100% - - - - - - - - - 1,896 31.11 1,896 Pinos Altos (open pit) - - - 236 20.40 155 236 20.40 155 5,984 20.94 4,029 Pinos Altos (underground) - - - 13,751 40.57 17,935 13,751 40.57 17,935 3,241 41.87 4,363 Pinos Altos Total 100% - - - 13,988 40.22 18,090 13,988 40.22 18,090 9,225 28.30 8,392 Creston Mascota (open pit) 100% - - - 4,292 16.98 2,343 4,292 16.98 2,343 1,332 11.54 494 La India (open pit) 100% 11,127 2.37 847 63,081 0.70 1,421 74,208 0.95 2,267 92,631 0.39 1,153 El Barqueno (open pit) 100% - - - 8,469 4.35 1,183 8,469 4.35 1,183 7,210 4.50 1,043 Total - - 847 - - 26,787 - - 27,634 - - 16,561

COPPER OWNERSHIP 000 tonnes % tonnes Cu 000 tonnes % tonnes Cu 000 tonnes % tonnes Cu 000 tonnes % tonnes Cu

LaRonde (underground) 100% - - - 5,688 0.21 11,676 5,688 0.21 11,676 7,701 0.25 19,589 Akasaba West (open pit) 100% - - - 2,484 0.40 9,941 2,484 0.40 9,941 - - - Upper Beaver (underground) 50% - - - 1,818 0.14 2,567 1,818 0.14 2,567 4,344 0.20 8,642 Total - - - - - 24,184 - - 24,184 - - 28,231

ZINC OWNERSHIP 000 tonnes % tonnes Zn 000 tonnes % tonnes Zn 000 tonnes % tonnes Zn 000 tonnes % tonnes Zn

LaRonde (underground) 100% - - - 5,688 0.93 52,850 5,688 0.93 52,850 7,701 0.60 46,358 Total - - - - - 52,850 - - 52,850 - - 46,358

OPERATIONS MINERAL RESOURCESMEASURED INDICATED MEASURED AND INDICATED INFERRED


Notes to Investors Regarding The Use of Mineral Resources Cautionary Note to Investors Concerning Estimates of Measured and Indicated Mineral Resources

This presentation uses the terms “measured mineral resources” and “indicated mineral resources”. Investors are advised that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into mineral reserves.

Cautionary Note to Investors Concerning Estimates of Inferred Mineral Resources

This presentation also uses the term “inferred mineral resources”. Investors are advised that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that any part or all of an inferred mineral resource exists, or is economically or legally mineable.

Scientific and Technical Data

Cautionary Note To U.S. Investors - The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Agnico Eagle reports mineral reserve and mineral resource estimates in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Best Practice Guidelines for Exploration and Best Practice Guidelines for Estimation of Mineral Resources and Mineral Reserves in accordance with the Canadian securities regulatory authorities' (the "CSA") National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). These standards are similar to those used by the SEC’s Industry Guide No. 7, as interpreted by Staff at the SEC ("Guide 7"). However, the definitions in NI 43-101 differ in certain respects from those under Guide 7. Accordingly, mineral reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. Under the requirements of the SEC, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. A "final" or "bankable" feasibility study is required to meet the requirements to designate mineral reserves under Industry Guide 7. Agnico Eagle uses certain terms in this presentation, such as "measured", "indicated", "inferred" and "resources" that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.

In prior periods, mineral reserves for all properties were typically estimated using historic three-year average metals prices and foreign exchange rates in accordance with the SEC guidelines. These guidelines require the use of prices that reflect current economic conditions at the time of mineral reserve determination, which the Staff of the SEC has interpreted to mean historic three-year average prices. Given the current commodity price environment, Agnico Eagle has decided to use price assumptions that are below the three-year averages. The assumptions used for the December 2016 mineral reserves estimate at all longer life mines and advanced projects reported by the Company (other than the Meliadine project, the Canadian Malartic mine and the Upper Beaver project) were $1,150 per ounce gold, $16.50 per ounce silver, $0.95 per pound zinc, $2.15 per pound copper and foreign exchange rates of C$1.20 per $1.00, 16.00 Mexican pesos per $1.00 and $1.15 per €1.00 for all mines and projects other than the Lapa and Meadowbank mines in Canada, and the Creston Mascota mine and Santo Niño pit at the Pinos Altos mine in Mexico; due to the shorter remaining mine life for the Lapa and Meadowbank mines in Canada, and the Creston Mascota mine and Santo Niño pit at the Pinos Altos mine in Mexico, the foreign exchange rates used were C$1.30 per $1.00 and 16.00 Mexican pesos per $1.00 (other assumptions unchanged). At the Meliadine project, the same assumptions at December 2015 were used to estimate the December 2016 mineral reserves, which were $1,100 per ounce gold and an foreign exchange rate of C$1.16 per $1.00. The mineral resources at all properties are estimated using 75% of the cut-off grades used to estimate the mineral reserves.

The Partnership, owned by Agnico Eagle (50%) and Yamana Gold Inc. (50%), which owns and operates the Canadian Malartic mine, and Canadian Malartic Corporation, owned by Agnico Eagle (50%) and Yamana (50%), which owns and manages the Upper Beaver project in Kirkland Lake, have estimated the December 2016 mineral reserves of the Canadian Malartic mine and the Upper Beaver project using the following assumptions: $1,200 per ounce gold; a cut-off grade at the Canadian Malartic mine between 0.33 g/t and 0.37 g/t gold (depending on the deposit); a C$125/tonne net smelter return (NSR) for the Upper Beaver project; and an foreign exchange rate of C$1.25 per $1.00.

NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using the subcategories of "proven mineral reserves”, "probable mineral reserves”, "measured mineral resources”, "indicated mineral resources” and "inferred mineral resources”. Mineral resources that are not mineral reserves do not have demonstrated economic viability.


Notes to Investors Regarding The Use of Mineral Resources A mineral reserve is the economically mineable part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at pre-feasibility or feasibility level as appropriate that include application of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.

Modifying factors are considerations used to convert mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

A proven mineral reserve is the economically mineable part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource. The confidence in the modifying factors applying to a probable mineral reserve is lower than that applying to a proven mineral reserve.

A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with confidence sufficient to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.

Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.

A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable modifying factors together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a Pre-Feasibility Study.

The effective date for all of the Company's mineral resource and mineral reserve estimates in this presentation is December 31, 2016. Additional information about each of the mineral projects that is required by NI 43-101, sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be found in the Technical Reports filed by Agnico Eagle, which may be found at www.sedar.com. Other important operating information can be found in the Company's AIF and Form 40-F.

The scientific and technical information relating to Agnico Eagle’s mineral reserves and mineral resources contained herein (other than the Canadian Malartic mine) has been approved by Daniel Doucet, Eng., Senior Corporate Director, Reserve Development; and relating to mineral reserves and mineral resources at the Canadian Malartic mine contained herein has been approved by Donald Gervais, P.Geo., Director of Technical Services at Canadian Malartic Corporation. Each of them is a "Qualified Person" for the purposes of NI 43-101.

Trading Symbol: AEM on TSX & NYSE

Investor Relations: 416-947-1212 [email protected]

agnicoeagle.com

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